VAT query

[tim123]

Hi Guys

I have been told by Badenoch & Clarke the following :

I need to register for VAT , why ?

Thanks

Because they have a lazy "tick sheet" way of dealing with Ltds

and one of the ticks on their sheet says

"Register company for VAT".

I was once told by my accountant (in the era when it made financial sense) "you need to buy a company car", without him making the slightest attempt to find out whether I had the need/desire for a valuable car or not.

tim

[RichardCranium]

Because they have a lazy "tick sheet" way of dealing with Ltds

and one of the ticks on their sheet says

"Register company for VAT".

My previous accountant told me to go with the VAT Flat Rate Scheme. I had already worked out I'd be better off outside it, so I queried it. I was right.

When I changed accountants, the new one said "and you are in the FRS of course". He was surprised when I said "No" and he said it is an automatic no-brainer. I explained I'm better off outside it.

Dammit, I've gone through the past 8 years' accountants: every year I am better off outside the FRS.

So, yes, accountants DO give advice without thinking, let alone checking an individual's circumstances.

[VectraMan]

My previous accountant told me to go with the VAT Flat Rate Scheme. I had already worked out I'd be better off outside it, so I queried it. I was right.

I was better off inside, but it was only about £10 per month because of the mileage I was doing. Don't assume the FRS is all good.